Shekhter reasoned that the market for the lofts would be young single professionals, retirees with limited incomes and college students looking for rents that are affordable in the pricey Westside apartment market. Shekhter's estimate has turned out to be on target, with about 70% of the units rented thus far occupied by young business people, a few retirees and the remainder college students.
 Loft Interior |
The project comprises two four-level structures close to public transportation and shopping. Based on city guidelines, preference is given to those who live and/or work in Santa Monica, he added, with maximum allowable annual income requirements set by the city range of $42,450 to $60,600. Shekhter says he hopes to take his small, affordable housing concept to other parts of the county.
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